MIDA: Malaysia’s total investment to be lower this year but will recover
11 Jun 2020
Total investment coming into Malaysia this year is unlikely to reach the RM207.9 billion recorded last year.
At the launch of the memorandum of understanding (MoU) between Standard Chartered Bank Malaysia Bhd and the Malaysian Investment Development Authority (MIDA), MIDA chief executive officer Datuk Azman Mahmud said that while investment level is anticipated to be lower this year, it will grow as the economy recovers.
“We don’t anticipate to record the level seen in 2019. However, as the economy recovers, and the Penjana package [is implemented] — which will be the driver for the economy to return to normal — after that investment numbers will go back up to historical levels,” he said.
MIDA also announced that it has a pipeline of investment projects worth RM37.8 billion — with many foreign electrical and electronics firms looking to relocate their businesses to Malaysia at part of production diversification efforts.
He added that there are many countries that are now looking for investments, and as such Malaysia has to take up all opportunities available to get more investments.
Source: The Edge Markets